Monday September 26, 2016 0 comments
THORNTON -- Ascent Solar Technologies, Inc. (OTCQB:ASTI), a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules integrated into the company's EnerPlex™ series of consumer products, today announced it has entered into a Securities Purchase Agreement ("Agreement") with an accredited investor for the private placement of $1.35 million of the company's newly designated Series J 10% Convertible Preferred Stock ("Series J Preferred Stock").
The investor was not identified.
Pursuant to the Agreement, shares of the Series J Preferred Stock, including the amount of any accrued and unpaid dividends thereon, will be convertible at the option of the investor into common stock at a fixed conversion price of $0.015 per share, the company said.
There are no registration rights which are applicable to the Series J Preferred Stock.
At closing, the company issued a total of 225 shares of Series J Preferred Stock to the investor in exchange for gross proceeds of $225,000. The company will issue an additional 1,125 shares of Series J Preferred Stock in exchange for gross proceeds of $1,125,000 in five subsequent closings scheduled to occur in October and November 2016.
"We are satisfied to have secured this new investment," said Victor Lee, Ascent’s president and CEO.
“The funding will provide us with ongoing working capital needs as we continue to focus on the high value specialty PV market.
“The new investment reinforces our investor's belief in Ascent's strategy and the tremendous potential of the company's lightweight flexible CIGS solar panel."